ICER Real Estate Services Acquires Mixed-Use Property In Harlem With $4.14M Loan From Arbor Realty Trust
537 Lenox Avenue, Manhattan, New York, NY, USA
$4,147,000
$2,211/SF
Building Size
1,875 SF
Asset Type
Mixed-use
Closing
Nov 20, 2018
About this deal
AI
A loan transaction has taken place in Harlem. The property in question is a mixed-use building located at 537 Lenox Avenue. The loan amount for this transaction is $4,147,000. The terms of the loan include a fixed interest rate of 4.17% for a period of 7 years, with the first 2 years being interest-only.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $4,147,000
- Market: Harlem
- Lender: Arbor Realty Trust
- Landlord: ICER Real Estate Services - Joseph L. Jemal
- Broker: Abe Mann - Progress Capital
The lender for this loan transaction is Arbor Realty Trust, and the landlord is ICER Real Estate Services, represented by Joseph L. Jemal. Acting as the broker in the deal is Abe Mann from Progress Capital.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.83%
Cash-on-Cash
-1.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93